STATE BANK OF MAURITIUS LTD

COMMUNIQUE

SHARE BUY BACK PROGRAMME

Further to its communiqué dated December 19, 2006 State Bank of Mauritius Ltd (SBM) has to date purchased 65,523,100 shares of which 19,723,841 shares will be cancelled at close of business on February 15, 2007.

SBM will hold up to 15% of its issued share capital as Treasury shares as per the Shareholders’ Resolution and excess if any, will be cancelled there and then.

Dated: February 12, 2007

The communiqué is issued pursuant to Listing Rule 11.3.

The Board of Directors of State Bank of Mauritius Ltd accepts full responsibility for the accuracy of the information contained in this communiqué.